News release

Vanguard Bolsters Roster of External Advisors with Addition of Ariel Investments

VALLEY FORGE, PA (January 31, 2022)—Vanguard today announced the addition of Ariel Investments, LLC, to the firm’s distinguished roster of world-class active managers. Ariel will join Cardinal Capital Management, LLC, and Frontier Capital Management Co., L.L.C., in overseeing the $1.2 billion Vanguard Explorer Value Fund.

“Vanguard continuously seeks out leading investment firms that demonstrate the expertise, diversity of thought, and accountability needed to drive successful outcomes for investors,” said Dan Reyes, head of Vanguard Portfolio Review Department. “We believe that Ariel’s talented portfolio management team and patient approach to investing complements the fund’s strategy and existing advisors.”

Founded in 1983 as a small- and mid-cap value manager, Ariel was the first Black-owned mutual fund company in the United States. The firm has evolved into a global asset manager that offers a range of investment strategies seeking attractive intrinsic value through relatively concentrated portfolios. Ariel’s approach is rooted in an active, yet patient investment philosophy focused on uncovering mispriced companies whose true value will be realized over time. Vanguard believes this approach aligns with the fund’s mandate of providing investors with long-term capital appreciation through investing in small- and mid-sized U.S. companies considered to be undervalued.  

Ariel’s initial target allocation will be 10% of Vanguard Explorer Value Fund, with the balance of assets divided evenly between the fund’s two other tenured value managers.

Vanguard's active management leadership  
Vanguard is a leader in active management with more than $1.8 trillion in active assets across equity, bond, balanced, and money market portfolios. Vanguard’s philosophy on active management is rooted in a long-term, disciplined approach and mission to give investors the best chance of success in achieving their investment goals. Vanguard has more than four decades of experience both partnering with top-tier external advisors as well as managing active strategies in-house.

Vanguard has delivered consistent and sustained active outperformance, which is enabled by rigorous fund oversight, access to a diverse roster of active management talent, and the ability to keep costs low. Over the past 10 years, 86% of Vanguard’s actively managed funds outperformed their peer group average.1


About Vanguard
Vanguard is one of the world’s largest investment management companies. As of December 31, 2021, Vanguard managed $8.5 trillion in global assets. The firm, headquartered in Valley Forge, Pennsylvania, offers 422 funds to its more than 30 million investors worldwide. For more information, visit

All investing is subject to risk, including the possible loss of the money you invest. Prices of mid- and small-cap stocks often fluctuate more than those of large-company stocks.

All figures as of December 31, 2021 unless stated otherwise.

1 For the 10-year period ending December 31, 2021, 81 out of 94 Vanguard active funds outperformed their peer group averages (source: Lipper, a Thomson Reuters Company). Results will vary for other time periods. Only funds with a minimum five-year history were included in the comparisons. (Source: Lipper, a Thomson Reuters Company). Note that the competitive performance data shown represent past performance, which is not a guarantee of future results, and that all investments are subject to risks. For the most recent performance, visit our website at